Congresswoman Lucille Roybal-Allard (CA-34) and Federal Home Loan Bank of San Francisco Announce $3.6 Million in 2006 Affordable Housing Grants for th

Congresswoman Lucille Roybal-Allard (CA-34) and Federal Home Loan Bank of San Francisco Announce $3.6 Million in 2006 Affordable Housing Grants for the creation of 426 new housing units in or near Downtown Los Angeles in the 34th Congressional District

Congresswoman Lucille Roybal-Allard (CA-34th) and the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) today announced that nearly $3.6 million in Affordable Housing Program (AHP) grants will help finance six development projects in her district that will generate 426 new affordable housing units.

"The support of The Federal Home Loan Bank of San Francisco and its member institutions has been instrumental in ensuring that we combat rising housing costs with a steady supply of new affordable homes and rental units," Congresswoman Lucille Roybal-Allard (CA-34) said. "I applaud the bank's ongoing efforts and look forward to our continued partnership to ensure that more families have quality affordable housing options."

AHP Projects funded this year in Congresswoman Roybal-Allard's district, which includes Downtown, are:

* Witmer Heights Apartment Homes (near Downtown) ($196,000), a 48-unit rental at 116 South Witmer Street in Los Angeles (90026-6008). Sponsor is Central Valley Coalition for Affordable Housing; member institution is Bank of the West.
* Temple Villas (Near Downtown) ($280,000), a 51-unit rental development at 1421 W. Temple St. in Los Angeles (90026-5648). Sponsor is Women Organizing Resources, Knowledge and Services; member institution is Bank of the West.
* Rainbow Apartments (Downtown, Los Angeles) ($930,000), an 87-unit rental development at 643 S. San Pedro Street in Los Angeles (90014). Sponsor is Skid Row Housing Trust; member institution is Community Bank.
* The Charles Cobb Apartments (Downtown, Los Angeles) ($1,000,000), a 74-unit rental development at 521 S. San Pedro Street in Los Angeles (90013). Sponsor is Skid Row Housing Trust; member institution is Community Bank.
* Hartford Avenue Apartments (Westlake) ($270,000), a 53-unit rental development at 440-8 S. Hartford Avenue in Los Angeles (90017-1306). Sponsor is A Community of Friends; member institution is Republic Bank.
* The Abbey Apartments (Downtown, Los Angeles) ($1,000,000), a 113-unit rental development at 625 San Pedro Street in Los Angeles (90014). Sponsor is Skid Row Housing Trust; member institution is Citibank, NA (Las Vegas).

"The AHP helps to providing moderate and low-income families with access to broader housing options," said Lawrence H. Parks, Senior Vice President, Legislative and External Affairs, FHLBank San Francisco. "With the help of our member institutions, we are making a difference in Los Angeles communities and helping to improve access to affordable housing."

Designed as a flexible, competitive funding source, the AHP provides grants and below-market loans to develop and rehabilitate single-family and multifamily projects targeting very low- to moderate-income households. Member financial institutions, in partnership with community-based housing sponsors, submit applications for specific projects and programs twice a year. Since the program's inception in 1990, FHLBank San Francisco has awarded nearly $430.3 million that has produced 76,611 units of quality affordable housing in Arizona, California, Nevada, and other areas served by its member institutions.

"The AHP continues to be committed to helping increase the supply of affordable housing for working families," Mr. Parks said. "AHP has a long history of forging public-private partnerships that help families and individuals find affordable housing. We are proud of its accomplishments."

About The Federal Home Loan Bank of San Francisco

FHLBank San Francisco delivers low-cost funding and other services that help member financial institutions make home mortgages to people of all income levels and provide credit that supports neighborhoods and communities. The FHLBank San Francisco also funds community investment programs that help members create affordable housing and promote community economic development. We serve and are owned by 337 commercial bank, savings institution, credit union, thrift and loan, and insurance company members headquartered in Arizona, California, and Nevada.

http://www.house.gov/list/press/ca34_roybal-allard/pr061209.html